The Situation
The agreement survived. The argument did not.
On July 1, 2026, the United States, Mexico, and Canada conducted the first required six-year review of the USMCA. The United States did not agree to renew the agreement in its current form. The agreement nevertheless remains in force while the countries continue negotiations and future reviews.
One U.S. concern was the trade deficit with Canada and Mexico. Your task is not to defend or attack that position. Your task is to ask a narrower and more useful question:
What does the available economic and trade data actually suggest about how the three USMCA economies have fared?
Analytical caution: A trade deficit is an observation. Calling a trade arrangement “fair” or “unfair” is a judgment. Your job is to determine how far the evidence can reasonably take you.